Is Pekin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Pekin is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Pekin has remained a Seller's Market.

Key Takeaway

Pekin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Pekin, IL

How much do homes in Pekin, IL cost?

Median Sold Price

$125,000

$88/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$5,000(+4.2%)

Key Takeaway

Homes in Pekin have sold for 4.2% more than they did a year ago.

Summary: The median home sold price in Pekin was $125,000 in September 2024, up 4.2% from last year, and the median price per square foot was $88.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $54.9K$40K
-27.1%
2 $90K$94K
+4.4%
3 $122.5K$135K
+10.2%
4 $157.2K$159K
+1.1%
5+ $219.9K$225.5K
+2.5%

Summary: Pekin housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 27.1%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 2.5%.

Median Sold Price Compared To Nearby Cities

Marquette Heights
+15.0%
Cincinnati Township
+9.4%
Pekin Township
+9.2%
Pekin
+4.2%

Housing Supply in Pekin, IL

How many homes are available in Pekin, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
125122-2.4%

Summary: The Pekin real estate market had 122 homes for sale in September 2024, a 2.4% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 11
0.0%
2 4238
-9.5%
3 4750
+6.4%
4 2828
0.0%
5+ 75
-28.6%

Summary: The Pekin housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 9.5%, 3 bedroom homes increased by 6.4%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 28.6%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
4043+7.5%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Pekin, you may be able to get a good deal. 37.2% of homes here sold below asking price last month.

Summary: A total of 43 homes were sold or pending in Pekin in September 2024, up by 7.5% month-over-month. Of the 43 sold homes, 37% were sold under asking, 26% were sold at asking, and 37% were sold over asking.

Days on Market for Pekin, IL

How long does it take to sell a home in Pekin, IL?

Average Sale Time

Sep 2023Sep 2024CHANGE
20 Days13 Days-34.8%

Summary: Homes in Pekin had an average of 13 days on market in Sep 2024, down by 34.8% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Pekin are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 43 homes were sold in Pekin; 88% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 9 Days Ago

Newest Listings in Pekin, IL

Nearby Markets to Pekin, IL

What housing markets are near Pekin, IL?